What does All Risks Insurance mean? Read on to discover the definition & meaning of the term All Risks Insurance - to help you better understand the language used in insurance policies.
All Risks Insurance
Somewhat misleading name for an insurance policy which, while providing the broadest form of insurance cover, generally excludes losses due to bad packaging, delay, inherent vice, loss of market, etc. Such policies do not name the risks covered but only list the exclusions; all unnamed risks are automatically covered. The term 'All risks' is now being phased out. In marine insurance, for example, the term 'institute cargo clauses (All Risks)' has been replaced with the new term 'institute cargo clauses (A, B, and C)'. Also called all peril insurance, against all risks.
We hope the you have a better understanding of the meaning of All Risks Insurance.